258                              Laws of Maryland                       [Ch. 216

manual signature of the County Clerk, or said bonds may be executed
in the manner prescribed by Sections 13 to 18, inclusive, of said
Article 31.

Sec. 4. And be it further enacted, That the proceeds from the
sale or sales of any of said bonds shall, after the payment of the cost
of engraving or printing said bonds and other incidental costs and
expenses with reference to the issuance of such bonds, be paid over
to the Treasurer of Howard County and by him credited to the Board
of Education of Howard County to be held in a separate account,
subject to the order of said Board of Education, and to be spent only
as provided in Section 1 of this Act.

Sec. 5. And be it further enacted, That any and all bonds issued
under the authority of this Act shall constitute general and uncondi-
tional obligations of the County Commissioners of Howard County,
and the full faith and credit of said County shall be unconditionally
and irrevocably pledged to the payment of the principal of and
interest on said bonds. Subject to the approval, when required, of
the Board of Education of Howard County, said County Commis-
sioners of Howard County may apply to the payment of said prin-
cipal and interest, when due, any State or Federal funds payable to
said Board or said County for school construction, which may legally
be used for debt service on school construction bonds of the County.
After crediting any such available funds to such debt service, in any
year, the County Commissioners of Howard County shall, in the
year following the year in which any such bonds are issued pursuant
to the authority of this Act, levy upon all properties within the ter-
ritorial limits of the County subject to assessment for unlimited ad
valorem county taxation, ad valorem taxes in rate and amount suffi-
cient to provide the sum necessary to pay the principal and interest
due on such bonds in such year, such taxes to be levied in each year
until all of said bonds and the interest thereon shall have been paid
or until full and adequate provision for such payment shall have been
made.

Sec. 6. And be it further enacted, That all bonds issued pursuant
to the authority of this Act, and the interest thereon, and the income
derived therefrom, in the hands of the holders thereof from time to
time, shall be and are hereby declared to be exempt from State,
County and municipal taxation of every kind and nature whatsoever
in the State of Maryland.

Sec. 7. And be it further enacted, That this Act is hereby de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and safety, and having been passed
by a yea and nay vote, supported by three-fifths of all of the mem-
bers elected to each of the two Houses of the General Assembly of
Maryland, the same shall take effect from the date of its passage.

Approved March 28, 1961.